REHABILITATION DESCRIPTION
FOR
15th STREET
NORTHEASTERLY PORTION UNIT #10
Although you may have signed a petition previously it may have not been representative of all affected property owners. Individuals who signed a petition and do not actually reside on 15th street can not be considered a legal representative of that petition. Those requesting improvements must be the equitable owner(s) of their respective lots. If we are to see these improvements through fruition then the affected property owners need to take the path we have outlined for you.
A "Special Assessment District" (SAD) is not a property tax increase per se, it is an assessment on the affected property that may be paid in term, in a lump sum or multiple lump sum and is in parallel to your property tax. The assessment would cease once it is satisfied whether 5, 10 or twenty years from its inception. Keep in mind that an SAD assessment may not exceed the value of an existing affected property., i.e., if your property is worth $1,000.00 the assessment may not exceed $1,000.00
Under the guidelines of an assessment district project each property owner would be financially responsible for the cost of the improvements consummate to the amount of property area fronting the street being improved. Some would be responsible for more than others. Preliminary figures show that this would translate to approximately $200.00 per year for property with 80' of frontage if financed over the next twenty years. The benefit to the property owner is the significant increase to the property value as a whole. At present preliminary figures indicate that each lot could increase anywhere from $3,000.00 to $6,000.00 in value and continue to increase as time marches on.
There are a number of issues that need to be completed prior to the commencement of construction. If all goes well and the majority of property owners are in favor of the improvements construction could start within 12 months.
At this point we are looking for an affirmative commitment to the project in the form of a signature on the petition requesting the improvements or a notarized letter of support to be accompanied with the petition. Please let us know if you are in agreement with this request. If so we will send the necessary documents to you for your signature or you can obtain them in PDF format here. After, which you can mail them to ICA., LTD. PO Box 44185 Rio Rancho, NM 87174-4185 or Fax to 505.891.5788
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888.570.5189 505.994.9571 rmlopez@ica-ltd.com |
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